Exam (elaborations)
Contract Law Midterm Exam
- Course
- PRL 174
- Institution
- Des Moines Area Community College
These are the questions and answers to the midterm in Contract Law.
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Rachel DebnerIntroduction
1. TRUE/FALSE. The law of tort and the law of contracts are legal cousins
derived from the writ of assumpsit and based on a party’s obligation.
However, the law of contracts is rooted in the idea of creating an obligation
by the voluntary exchange of a promise of performance for a return promise
of performance or simply return by performance (a bargain).
True
Historical Development
2. TRUE/FALSE. During the 19th century, courts in the United States moved
away from the old English system of writs and toward our modern system of
contract law (see the so-called Field Code).
True
3. TRUE/FALSE. A case in common law has traditionally relied upon a jury to
serve as the fact finder subject to oversight by a judge while a case in equity
has relied upon only upon a finding by a judge.
False
4. TRUE/FALSE. In Iowa, a contract may be formed and enforced if evidenced
by a seal.
False
Sources of Law
5. TRUE OR FALSE. Art. 2 of the Uniform Commercial Code (UCC) is part of a
uniform Act that has been adopted by almost all states, including Iowa, to
govern contracts for transactions involving services.
False
6. TRUE OR FALSE. A court may use the comments in the Rest. 2nd of
Contracts since the comments are part of a statute enacted by a legislature.
, False
7. TRUE OR FALSE. If there is a conflict between the common law as specified
in the Rest. 2nd of Contracts as looked upon by an Iowa court and a provision
in a consumer protection statute as enacted by the Iowa General Assembly,
the provision in the Rest. 2nd supersedes the statute.
False
8. TRUE OR FALSE. Generally, the Iowa Code contains all the statutes of the
state of Iowa that are in effect.
True
Jurisdiction
9. TRUE OR FALSE. In the case Poller v. Okoboji Classic Cars, LLC, (the
antique car case) the Iowa Supreme Court applied New Jersey law to the case
because the plaintiffs resided in that state.
False
Formation of Transactions
10. TRUE OR FALSE. A contract may be formed in a manner sufficient to show
agreement by the parties (almost always determined by an objective
standard), including conduct by both parties.
True
11. TRUE OR FALSE. In order for a bilateral contract to exist there must be at
least a bargain that includes a promise for future performance
communicated by one person to another person in exchange for actual
performance by that other person.
False
12. TRUE OR FALSE. An advertisement in a newspaper must always
constitute an invitation to offer rather than an offer.
True
13. TRUE OR FALSE. The law of contracts is not concerned with the actual
value of consideration, only that there is some form of legal consideration.
False
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